The global nanocoatings market is estimated to witness significant growth during the forecast period. Emerging demand for medical devices is one of the major factors primarily encouraging the adoption of nanocoatings. Rising prevalence of chronic diseases, such as cancer, diabetes, and CVD, have led the demand for innovative medical devices for applications in hospitals, ambulatory surgical centers, and home settings. The US has the largest medical device market across the globe with nearly $156 billion (40% of the global medical device market in 2017). It is expected to grow to $208 billion by 2023.
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The major factor to the growth of the medical device industry in the country includes the presence of major medical device companies, such as Johnson & Johnson, Abbott Laboratories, Inc., and General Electric Co. Europe is also a key region for the medical device sector. As per the data published by the European Medical Technology Industry in 2017, there were nearly 27,000 medical technology companies in Europe. The European medical device market witnessed growth on average by 4.3% per annum, from 2008 to 2017. Germany holds the major share in the European medical device industry in the region coupled with the presence of some crucial players, including Siemens AG and Fresenius Medical Care and significant share in the IVD market.
There is an increasing concern for medical device recalls owing to the potential errors, safety and efficacy concerns. In 2019, the US FDA has recalled 50 medical devices, whereas, in 2018, the number of medical devices recalled was 32. Materials failures are estimated to account for a considerable percentage of medical device recalls. Surfaces of medical devices and materials that come into direct contact with human tissues should be fine-tuned in terms of both biological and physical properties. This is estimated to increasingly supporting the use of nanocoatings to design and produce medical devices, as it holds antimicrobial properties and increases biocompatibility, which in turn, improve integration of surgical implants with the surrounding tissues.
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Some major instances regarding the use of nanocoatings in medical devices include coatings in stents for cardiology and coatings for orthopedic implants and dental implants. Further, nanotechnology allows the development of batteries with significantly increased lifetime for application in active implantable medical devices used in neurology and cardiology, including pacemakers. This, in turn, is contributing to drive the demand for nanocoatings in the medical device industry to increase the safety and performance of medical devices and thereby is boosting the global nanocoatings market. In addition, the availability of funding for investigating the use of nanotechnology in the healthcare sector is anticipated to offer the opportunity for the growth of the market.
Nanocoatings Market Segmentation
By Type
- Antimicrobial
- Anti-fingerprint
- Anti-fouling and Easy-to-Clean
- Self-Cleaning
- Others (Anti-Icing and De-Icing and Anti-Corrosive)
By Application
- Automotive
- Electronics
- Healthcare
- Construction
- Food and Packaging
- Aerospace and Defense
- Others (Energy and Textile)
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